Search found 2981 matches

Return to advanced search

Re: 2014 Taxcaster - Finally!

If anyone finds any flaws, please post them. If you enter only a large capital gain or qualified dividend the marginal tax bracket can show as 33% or higher. I was hoping to test AMT and see what ordinary income bracket was in play as you increased income and transitioned from AMT back to the regul...
by kaneohe
Wed Mar 25, 2015 5:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: 2014 Taxcaster - Finally!
Replies: 26
Views: 5074

Re: HSA question

I would trash that list on the link you provided......I just looked at one item....insurance premiums and based on that I wouldn't trust that list at all.
Try this instead http://www.irs.gov/publications/p969/ar02.html Look at the distribution link in the HSA section.
by kaneohe
Wed Mar 25, 2015 5:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA question
Replies: 14
Views: 950

Re: HSA Tax Reporting

No Fed reporting required if no distributions taken. You may want to check your state requirements. At least one doesn't recognize HSAs and treats as a normal taxable account. If you took distributions for non-medical expenses, it would be taxed but no penalty if > 65 y.o.
by kaneohe
Wed Mar 25, 2015 2:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Tax Reporting
Replies: 4
Views: 408

Re: HSA Tax Reporting

"neither of us withdrew and money for medical related expenses".............did you mean to write that or this: "neither of us withdrew any money " ?
by kaneohe
Wed Mar 25, 2015 1:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Tax Reporting
Replies: 4
Views: 408

Re: Best tools to understand the AMT?

.................................. Yes, as I noted before, my AMT marginal tax rate would have been 53.8% in 2014. ............................ Do you understand why it is that high? I was under the impression that it should be the basic 26/28% rates increased by 25% (for the exemption phaseout) so...
by kaneohe
Tue Mar 24, 2015 9:28 am
 
Forum: Personal Finance (Not Investing)
Topic: Best tools to understand the AMT?
Replies: 14
Views: 1289

Re: Best tools to understand the AMT?

.................................. Yes, as I noted before, my AMT marginal tax rate would have been 53.8% in 2014. ............................ Do you understand why it is that high? I was under the impression that it should be the basic 26/28% rates increased by 25% (for the exemption phaseout) so...
by kaneohe
Mon Mar 23, 2015 9:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Best tools to understand the AMT?
Replies: 14
Views: 1289

Re: Best tools to understand the AMT?

Good luck with your wish! Here's a reading list to start http://www.fairmark.com/search/index.htm?cx=partner-pub-0101170206512133%3A20vgpn3ysk9&cof=FORID%3A9&ie=ISO-8859-1&q=AMT&sa=Search This thing to me seems to be a mysterious phenomenon that pops up even when you think you unders...
by kaneohe
Mon Mar 23, 2015 1:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Best tools to understand the AMT?
Replies: 14
Views: 1289

Re: Forgot to file Form 8889

I don't know the answer to your question but why not file it .....just 13 lines........just to be sure that no problems occur later on. You might be able to complete it in half the time you spend worrying about it :happy The only thing that comes to mind is that you can't file claims for expenses th...
by kaneohe
Sun Mar 22, 2015 10:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Forgot to file Form 8889
Replies: 2
Views: 467

Re: Received a K1 for my kid - what do I do?

how about this http://www.irs.gov/pub/irs-pdf/i1041sk1.pdf

11a doesn't sound particularly useful. 11c might not be useful now but perhaps in the future since it can be carried over
by kaneohe
Sun Mar 22, 2015 9:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Received a K1 for my kid - what do I do?
Replies: 3
Views: 823

Re: Newly retired teacher - tax questions

check here, first on the list http://www.irs.gov/instructions/i1040sca/ar01.html#d0e72 but the premiums need to exceed to floor of 10%(or 7.5% of AGI before you can start deducting http://www.irs.gov/pub/irs-pdf/f1040sa.pdf see line 3 once you get past $400 in SE earnings, http://www.irs.gov/taxtopi...
by kaneohe
Sat Mar 21, 2015 4:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Newly retired teacher - tax questions
Replies: 5
Views: 585

Re: RMD

The official number is shown on the 5498 which you get in May or so and hopefully has some connection to the year end value on your statement that ends 12/31. I know a CU that has monthly statements that generally do not end at month end appears to use the Dec. statement ending value even though it ...
by kaneohe
Fri Mar 20, 2015 8:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: RMD
Replies: 6
Views: 451

Re: Secure a foreign tax credit carry forward?

So OP, do you understand that a foreign tax credit carry forward is essentially worthless? Thanks. I think I understand. For this year and next, my income is hovering at a very low point in order to maximize ACA benefits, so my tax liability is tiny. My income will more than double in two years, wi...
by kaneohe
Fri Mar 20, 2015 8:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Secure a foreign tax credit carry forward?
Replies: 19
Views: 1261

Re: Mistake on my taxes? Please help!

Try to find a document (monthly statement, confirmation, etc) that shows what year your Jan 2014 contribution was attributed to........2013 or 2014? In the early months of any year, a contribution can be either for that yr or the past yr and if you aren't careful, custodian could make a mistake.
by kaneohe
Fri Mar 20, 2015 7:37 pm
 
Forum: Investing - Theory, News & General
Topic: Mistake on my taxes? Please help!
Replies: 1
Views: 362

Re: Roth IRA Contribution designated for wrong year

What is my best option here? I was thinking that I can simply recharacterize the contribution as a non-deductible contribution to a traditional IRA, then eventually backdoor that IRA to a Roth. As far as I can tell there would be no issues with doing that, other than effectively losing a year of Ro...
by kaneohe
Fri Mar 20, 2015 8:46 am
 
Forum: Investing - Help with Personal Investments
Topic: Roth IRA Contribution designated for wrong year
Replies: 6
Views: 506

Re: BrokerageLink in 403b vs. IRA

We also went through a similar transition w/ spouse's plan. No major problems. Seems to be a "barrier" problem when crossing between core and brokerage link options....you can sell on one side and reinvest perhaps 90% of the proceeds the same day but then have to come back the next day to ...
by kaneohe
Thu Mar 19, 2015 8:45 am
 
Forum: Investing - Help with Personal Investments
Topic: BrokerageLink in 403b vs. IRA
Replies: 6
Views: 393

Re: Estimating LTCG/dividend taxes in early retirement

If you sell 125K in stocks and realize 25K in LTCG, don't forget your deductions/exemptions which will reduce your income by something like 20K. That leaves
your taxable income at 5K...........since that is < 75K, you pay 0 taxes, assuming no other income, so your window is very forgiving.
by kaneohe
Wed Mar 18, 2015 5:02 pm
 
Forum: Investing - Help with Personal Investments
Topic: Estimating LTCG/dividend taxes in early retirement
Replies: 8
Views: 719

Re: just cashed in EE bonds - tax question

the interest is close to 30k; we are in the 33% tax bracket, so around 10k interest i think. we would rather go ahead and pay the bill now rather than do any adjustments to withholding. thanks e It's a balance........if you pay now w/ estimated tax, you'll have to file F2210AI (last page here) http...
by kaneohe
Wed Mar 18, 2015 9:36 am
 
Forum: Personal Finance (Not Investing)
Topic: just cashed in EE bonds - tax question
Replies: 13
Views: 1063

Re: 529 and Grandparents

sounds like you have to "rat" on yourself:

http://www.finaid.org/savings/loophole.phtml
by kaneohe
Wed Mar 18, 2015 9:05 am
 
Forum: Investing - Help with Personal Investments
Topic: 529 and Grandparents
Replies: 9
Views: 943

Re: 529 as a gift

You might want to check w/ the 529 company that changing the owner is not going to be an issue. Some (Fidelity among them) say that they will report
the change of ownership in a tax document.
by kaneohe
Tue Mar 17, 2015 1:12 pm
 
Forum: Investing - Help with Personal Investments
Topic: 529 as a gift
Replies: 4
Views: 461

Re: Secure a foreign tax credit carry forward?

Thanks for the info......was just making sure I understood your situation. Sometimes when people talk about tax liability, they mean what they owe in April when filing which, if you had withheld or paid est. taxes, could have meant that the real tax on line 44 could have been much higher allowing yo...
by kaneohe
Tue Mar 17, 2015 12:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Secure a foreign tax credit carry forward?
Replies: 19
Views: 1261

Re: Secure a foreign tax credit carry forward?

Flobes wrote:I have a $242 foreign tax credit available.

My total tax liability is $9.

.


Just to clarify.......what line in the 1040 has the $9?
by kaneohe
Mon Mar 16, 2015 11:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Secure a foreign tax credit carry forward?
Replies: 19
Views: 1261

Re: Secure a foreign tax credit carry forward?

You might try studying F1116 , particularly p.2. The form is comparing the foreign tax you paid on the foreign income against the US tax on that income and allowing you the lower as a credit. If your US tax is low because your income is low, then you would not expect your FTC to be very high. Maybe ...
by kaneohe
Mon Mar 16, 2015 6:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Secure a foreign tax credit carry forward?
Replies: 19
Views: 1261

Re: Secure a foreign tax credit carry forward?

You can carryforward by generating the 1116. Read about it here http://www.irs.gov/pub/irs-pdf/p514.pdf click on the carryover link. You might end up worse off short term but if you expect your tax/income to increase in the future, you will be better off by doing the carryforward.
by kaneohe
Mon Mar 16, 2015 6:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Secure a foreign tax credit carry forward?
Replies: 19
Views: 1261

Re: Turbo tax: simplified foreign tax limitation for AMT

david.......I've only used the simplified limitation method for AMTFTC so have no experience w/the other method. Just curious why IRS considers this to be a one-time & forever election since, in your experience, the results are similar. The only thing I've noticed is that in most yrs (w/o AMT) ,...
by kaneohe
Sun Mar 15, 2015 8:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Turbo tax: simplified foreign tax limitation for AMT
Replies: 5
Views: 648

Re: Turbo tax: simplified foreign tax limitation for AMT

Start w/ the line 32 instructions in the table of contents. This part is at the end, just before the line 34 section: Simplified Limitation Election You may elect to use a simplified section 904 limitation to figure your AMTFTC. If you do, use your regular tax income for Form 1116, Part I, instead o...
by kaneohe
Sat Mar 14, 2015 12:46 am
 
Forum: Personal Finance (Not Investing)
Topic: Turbo tax: simplified foreign tax limitation for AMT
Replies: 5
Views: 648

Re: HSA Rollover Check

I'm ready to rollover a large portion my HSA from UMB Bank to Saturna Capital (Pershing Brokerage Account). I just want to make sure I don't mess up the rollover. Should I just "reimburse" myself from UMB then write a check to Saturna for the same amount? Or should I have UMB mail me a ch...
by kaneohe
Fri Mar 13, 2015 6:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Rollover Check
Replies: 3
Views: 401

Re: Charitable donations - tax question

A useful link w/ links to the relevant form (also search for instructions for that form) and some relevant Pubs
http://www.irs.gov/taxtopics/tc506.html
You'll have to decide for yourself what you're comfortable claiming.
by kaneohe
Fri Mar 13, 2015 1:29 am
 
Forum: Personal Finance (Not Investing)
Topic: Charitable donations - tax question
Replies: 4
Views: 528

Re: Ink Cartridges dry up on seldom used printer, any ideas?

Have you tried swabbing the ink outlet with rubbing alcohol? Sometimes the whole cartridge isn't dried up, just the nozzle. Otherwise, laser's probably your best bet We did this successfully 10 yrs+ ago w/ q-tip and more concentrated isopropyl alcohol w/ HP inkjet printers. The instruction manual f...
by kaneohe
Thu Mar 12, 2015 10:51 pm
 
Forum: Personal Consumer Issues
Topic: Ink Cartridges dry up on seldom used printer, any ideas?
Replies: 32
Views: 1703

Re: form 1116 to comput alt min foreign tax credit

check to see if you meet the requirements for the simplified limitation (don't recall if these are in 1116 instructions or those for 6251(AMT)...guessing AMT)). If you do then Pt I, II numbers pertain to AMT form 1116 also. Even some numbers on the back are the same up until the income comes in........
by kaneohe
Tue Mar 10, 2015 4:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: form 1116 to comput alt min foreign tax credit
Replies: 1
Views: 153

Re: Capital Loss carryover: state return or just federal?

I know nothing about NY state taxes and I'm sure others do..........I took a quick look at the main tax form http://www.tax.ny.gov/pdf/current_forms/it/it201_fill_in.pdf It seems similar to my state form in that it starts w/ Fed AGI and then adds and subtracts specific items that differ from Federal...
by kaneohe
Mon Mar 09, 2015 5:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: Capital Loss carryover: state return or just federal?
Replies: 1
Views: 195

Re: Turbotax and HSA capital gains in California

Just for giggles, I decided to sent that e-mail to ftb...later realized it was still Friday (not Sat) and that they had a chat line open. At first the rep took the position that I got reading the pub/instructions that CG/CG distrib. were treated differently than interest/DIV, that is interest/DIV w...
by kaneohe
Sat Mar 07, 2015 11:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Turbotax and HSA capital gains in California
Replies: 11
Views: 759

Re: Protect rollover IRA from potential lawsuit

............................ As you research this, be aware that there seem to be two general types of creditors: bankruptcy, and non-bankruptcy. From what I understand, IRAs have more protection under bankruptcy (in general) but it's the latter type of creditor/claim where you might have less asse...
by kaneohe
Sat Mar 07, 2015 11:21 am
 
Forum: Investing - Help with Personal Investments
Topic: Protect rollover IRA from potential lawsuit
Replies: 41
Views: 4061

Re: Turbotax and HSA capital gains in California

Just for giggles, I decided to sent that e-mail to ftb...later realized it was still Friday (not Sat) and that they had a chat line open. At first the rep took the position that I got reading the pub/instructions that CG/CG distrib. were treated differently than interest/DIV, that is interest/DIV we...
by kaneohe
Fri Mar 06, 2015 2:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Turbotax and HSA capital gains in California
Replies: 11
Views: 759

Re: Turbotax and HSA capital gains in California

They do mention a basis, and I don't know what a basis would be about other than concerning capital gains. I think whoever wrote that is unaware that dividends doesn't just mean earnings. From "Instructions for Schedule CA (540)" at https://www.ftb.ca.gov/forms/2013/13_540cains.pdf Intere...
by kaneohe
Fri Mar 06, 2015 11:17 am
 
Forum: Personal Finance (Not Investing)
Topic: Turbotax and HSA capital gains in California
Replies: 11
Views: 759

Re: Turbotax and HSA capital gains in California

Prior to OP's post, I had the same idea .......that HSA in CA is treated just as another taxable account; in effect that the HSA is not recognized by CA. After some poking around I found this: https://www.ftb.ca.gov/forms/2013/13_1001.pdf see p. 10 It is interesting that they only comment on interes...
by kaneohe
Fri Mar 06, 2015 3:32 am
 
Forum: Personal Finance (Not Investing)
Topic: Turbotax and HSA capital gains in California
Replies: 11
Views: 759

Re: Form 1099-D - Block 2A Total Cap Gains Distribution

As explained to you by earlyout, the entries on the 1099-DIV represent distributions from mutual funds etc. that have nothing to do with your stock trading which is shown on your 1099B. Your 1099B w/ its umpteen million line items should also be summarized in a number of places that tell where to en...
by kaneohe
Wed Mar 04, 2015 1:11 pm
 
Forum: Investing - Help with Personal Investments
Topic: Form 1099-D - Block 2A Total Cap Gains Distribution
Replies: 3
Views: 277

Re: Reporting Dividends on the 1040

One thing to understand is that on the 1099 Box 1a is called TOTAL ordinary dividends (not ordinary dividends). Box 1b) is called Qualified Dividends. IMHO,box1is poorly named......total dividends would be a better name. Box 1a includes Box 1b so Total ordinary dividends > = Qualified dividends. I w...
by kaneohe
Mon Mar 02, 2015 12:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Reporting Dividends on the 1040
Replies: 8
Views: 356

Re: Favorite chocolate candy

DW loves stuff from here https://www.franschocolates.com/ and flies to Seattle from N.CA for the day just to pick some up several times a yr. If she has these in hand, the Sees don't get touched. Note that the prices are not shown until you are 2-3 pgs in. Maybe that's also why they don't give sampl...
by kaneohe
Sun Mar 01, 2015 12:07 pm
 
Forum: Personal Consumer Issues
Topic: Favorite chocolate candy
Replies: 51
Views: 3509

Re: Taxes on cash back credit card?

another link http://cashmoneylife.com/credit-card-rewards-miles-taxable/ that is pretty much in agreement w/ the previous link above.
Also discusses bonus on brokerage accounts the treatment of which may depend on whether the account is taxable, tax deferred (TIRA) or tax free (Roth).
by kaneohe
Sun Mar 01, 2015 3:13 am
 
Forum: Personal Finance (Not Investing)
Topic: Taxes on cash back credit card?
Replies: 5
Views: 766

Re: HSA deduction question

Is your plan a cafeteria plan? http://www.irs.gov/Government-Entities/Federal,-State-&-Local-Governments/FAQs-for-government-entities-regarding-Cafeteria-Plans ***************************************************************** What is a cafeteria plan? A cafeteria plan ............... provides pa...
by kaneohe
Sun Mar 01, 2015 2:56 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA deduction question
Replies: 3
Views: 432

Re: Taxes and the safe harbor

. For 2014, I paid my estimated quarterlies, calculated by TurboTax, and so when I owed money again this year I assumed I would be in the safe harbor - which I understand to be that if you own (have underpaid your taxes) but paid at least 100% of your prior tax year obligation (again we are under $...
by kaneohe
Sat Feb 28, 2015 9:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Taxes and the safe harbor
Replies: 7
Views: 530

Re: Roth IRA Basis for early withdrawal

Here's the "youngster" part of neat table by kawill on the fairmark.com site concerning Roth withdrawals: withdrawals by the ordering rules are considered to be contributions first, then conversions oldest first and within each conversion the taxable part first, then finally earnings. Ther...
by kaneohe
Fri Feb 27, 2015 11:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth IRA Basis for early withdrawal
Replies: 13
Views: 777

Re: Roth IRA to Roth IRA Transfer - How to Avoid Fees?

Also be aware that you can only do the indirect rollover once per every 12 mos. (not calendar yr) taking into account all your TIRAs and RIRAs.
by kaneohe
Fri Feb 27, 2015 10:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: Roth IRA to Roth IRA Transfer - How to Avoid Fees?
Replies: 3
Views: 541

Re: Old IRA statements: What should I keep?

not sure about VG but some fund companies have a consolidated annual statement that might enable dumping Q1,2,3 so at least some savings there.
by kaneohe
Fri Feb 27, 2015 10:14 am
 
Forum: Personal Finance (Not Investing)
Topic: Old IRA statements: What should I keep?
Replies: 6
Views: 573

Re: How to determine cost-basis following REIT-equity spin-o

[quote="tpn"].......................................... Presumably our cost basis for this first sale would simply be its share price at its founding a couple weeks ago (so essentially no gain or loss), .....................................quote] You might want to read the materials provid...
by kaneohe
Wed Feb 25, 2015 2:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: How to determine cost-basis following REIT-equity spin-off
Replies: 1
Views: 151

Re: Foreign Tax Credit and State Taxes

grabiner, thanks. Appreciate the clarification on those issues.
by kaneohe
Wed Feb 25, 2015 12:03 am
 
Forum: Personal Finance (Not Investing)
Topic: Foreign Tax Credit and State Taxes
Replies: 7
Views: 741

Re: Foreign Tax Credit and State Taxes

recasting the bait.................
by kaneohe
Tue Feb 24, 2015 7:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Foreign Tax Credit and State Taxes
Replies: 7
Views: 741

Re: I need help with my IRA's Contribution

Thanks Kaneohe for your response, The way I understand your post is to open another TIRA account and role over the money that I withdrew from my current TIRA account into it, Then characterize within 60 days and roll over to Roth, is that correct? almost.........you need to rollover within 60 days ...
by kaneohe
Tue Feb 24, 2015 7:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: I need help with my IRA's Contribution
Replies: 3
Views: 307

Re: Trust questions

seems to be very individual.........PenFed CU, Alliant CU , Synchrony Bank do Ally does but doesn't allow automated telephone accesss; CapOne 360 (the old Ing) doesn't but allows ACH to trust at outside if controlled from other side; TIAA-Direct doesn't but TIAA-CREF won't ACH (push) from qualifed p...
by kaneohe
Tue Feb 24, 2015 6:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Trust questions
Replies: 7
Views: 602

Re: I need help with my IRA's Contribution

Perhaps it might have been better to have rechararacterized your TIRA contribution to a Roth one. http://fairmark.com/retirement/roth-accounts/recharacterizations/recharacterization-rules/ Then it would have been has if you had never made the TIRA contribution at all, just the Roth one. Your earning...
by kaneohe
Tue Feb 24, 2015 3:40 pm
 
Forum: Investing - Help with Personal Investments
Topic: I need help with my IRA's Contribution
Replies: 3
Views: 307
Next

Return to advanced search